NEW YORK -- Oil prices slumped below $57 yesterday amid expectations for rising crude stocks, but prices in future months rose as traders looked ahead to the summer driving season.
Light, sweet crude for April delivery fell 52 cents to settle at $56.59 a barrel on the New York Mercantile Exchange. The April contract came under pressure ahead of its expiration date today, analysts said.
The Energy Information Administration delivers its weekly petroleum inventory report tomorrow.
US refineries are expected to boost their crude oil runs by 1.5 million barrels per day to 16.1 million barrels by June to meet summer driving demand, Evans said. Refinery demand for crude is weaker now then it will be in a couple of months.
Gasoline futures jumped more than 5 cents to end at $1.9581 a gallon their highest level since last September, said Man Financial analyst Edward Meir.